Group 1 - Norges Bank reduced its stake in Kanglong Chemical (300759) by 1.8342 million shares at a price of HKD 20.4681 per share, totaling approximately HKD 37.5426 million [1] - After the reduction, Norges Bank's latest shareholding stands at approximately 20.7372 million shares, representing a holding percentage of 5.88% [1]

Group 1 - Norges Bank reduced its stake in Kanglong Chemical (03759.HK) by selling 1.8342 million shares at an average price of HKD 20.4681 per share, amounting to approximately HKD 37.5426 million [1] - Following the sale, Norges Bank's total shareholding decreased to 20.737224 million shares, representing a reduction in ownership from 6.40% to 5.88% of the total issued shares [1]

Core Viewpoint - The ChiNext Medical Index (970082) closed at 3882.75 points, down 0.63%, with a trading volume of 14.157 billion yuan and a turnover rate of 2.13% on February 6 [1] Group 1: Index Performance - Among the index constituents, 22 stocks rose while 28 stocks fell, with Tigermed leading the gainers at 3.06% and Aier Eye Hospital leading the decliners at 3.82% [1] - The top ten constituents of the ChiNext Medical Index include Aier Eye Hospital (9.18% weight, latest price 11.07, -3.82% change) and Tigermed (8.52% weight, latest price 65.65, +3.06% change) [1] Group 2: Market Capitalization - The total market capitalization of Aier Eye Hospital is approximately 103.232 billion yuan, while Tigermed's market capitalization is around 56.526 billion yuan [1] - Other notable companies include Mindray Medical (229.746 billion yuan) and Kanglong Chemical (55.486 billion yuan) [1] Group 3: Capital Flow - The net outflow of main funds from the ChiNext Medical Index constituents totaled 604 million yuan, while retail investors saw a net inflow of 412 million yuan [1] - The detailed capital flow shows that Tigermed had a net inflow of 14.716 million yuan from main funds, while retail investors experienced a net outflow of 1.41 million yuan [2]

Core Viewpoint - The article discusses the increasing demand and rising prices for experimental monkeys in the biopharmaceutical industry, highlighting a supply shortage that is impacting drug development processes [4][5][7]. Group 1: Market Dynamics - The demand for experimental monkeys, particularly the crab-eating macaque, is critical in preclinical drug evaluations, with over 70% of large molecule drugs relying on them [8][11]. - The price of experimental monkeys has surged from approximately 80,000 yuan per monkey in early 2025 to 150,000 yuan currently, reflecting a significant supply-demand imbalance [15]. - The supply of experimental monkeys is constrained by their long breeding cycles, with a complete cycle taking 6-7 years, and each female typically producing only one offspring per year [12][17]. Group 2: Company Performance - Companies with sufficient experimental monkey resources, such as Zhaoyan New Drug, have reported significant profit increases, with net profits rising by 214% to 371% despite a revenue decline [5]. - Zhaoyan New Drug has expanded its breeding capabilities through acquisitions and self-built facilities, now housing over 10,000 monkeys, positioning itself as a leader in the market [12][17]. Group 3: Industry Trends - The biopharmaceutical industry is experiencing a shift as major Contract Research Organizations (CROs) like WuXi AppTec and Kanglong Chemical are aggressively acquiring monkey resources, which now account for over half of the industry’s total supply [17]. - A projected shortfall of approximately 10,000 experimental monkeys per year is expected in China from 2025 to 2027, indicating a growing gap between supply and demand [18]. Group 4: Regulatory and Technological Changes - Recent regulatory changes in the U.S. and China aim to reduce reliance on animal testing, promoting alternative methods such as AI and virtual models, although these technologies are not yet ready to fully replace experimental monkeys [19][20]. - The industry is encouraged to adapt to these changes by integrating traditional animal testing with emerging technologies to create a comprehensive drug development evaluation system [21].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 康龍化成（北京）新藥技術股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03759 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 301,537,125 | RMB | | 1 | RMB | | 301,537,125 | | 增加 / 減少 (-) | | | 58,440,762 | | | | RMB | | 58,440,762 | | 本月底結存 | | | 359,977,887 | ...

Market Overview - On February 4, the medical services sector rose by 1.18% compared to the previous trading day, with Haitai Biological leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Medical Services Sector Performance - Haitai Biological (300683) closed at 32.72, up 8.56%, with a trading volume of 144,400 shares and a transaction value of 464 million [1] - MediX (688202) closed at 63.84, up 3.70%, with a trading volume of 46,200 shares and a transaction value of 289 million [1] - Other notable performers include: - Purui Eye Hospital (301239) at 35.56, up 2.92% [1] - Tigermed (300347) at 64.94, up 2.75% [1] - Kanglong Chemical (300759) at 30.37, up 2.57% [1] Capital Flow Analysis - The medical services sector saw a net inflow of 427 million from institutional investors, while retail investors experienced a net outflow of 439 million [2][3] - Notable net inflows from institutional investors include: - Tigermed (300347) with 158 million [3] - Aier Eye Hospital (300015) with 118 million [3] - WuXi AppTec (603259) with 112 million [3] Individual Stock Capital Flow - Tigermed (300347) had a net institutional inflow of 158 million, accounting for 14.54% of its trading volume [3] - Aier Eye Hospital (300015) had a net institutional inflow of 118 million, representing 12.46% of its trading volume [3] - Other stocks with significant institutional inflows include: - WuXi AppTec (603259) with 112 million [3] - Kanglong Chemical (300759) with 58.6 million [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 康龍化成（北京）新藥技術股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03759 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 301,537,125 | RMB | | 1 | RMB | | 301,537,125 | | 增加 / 減少 (-) | | | 58,440,762 | | | | RMB | | 58,440,762 | | 本月底結存 | | | 359,977,887 | ...

Core Viewpoint - The ChiNext Medical Index (970082) closed at 3876.07 points on February 3, with a gain of 2.37% and a trading volume of 13.236 billion yuan, indicating positive market sentiment in the medical sector [1]. Group 1: Index Performance - The ChiNext Medical Index saw 49 constituent stocks rise, with NuoSiGe leading the gains at 8.76% [1]. - The index's turnover rate was 1.71%, reflecting moderate trading activity [1]. Group 2: Top Constituents - The top ten constituents of the ChiNext Medical Index include: - YuanEr Eye Hospital (sz300015) with a weight of 9.18% and a latest price of 11.04 yuan, up 1.28% [1]. - MaiRui Medical (sz300760) with a weight of 8.95% and a latest price of 188.15 yuan, up 0.56% [1]. - TaiGe Medical (sz300347) with a weight of 8.52% and a latest price of 63.20 yuan, up 4.97% [1]. - KangLong HuaCheng (sz300759) with a weight of 7.18% and a latest price of 29.61 yuan, up 2.10% [1]. - LePu Medical (sz300003) with a weight of 4.96% and a latest price of 17.83 yuan, up 1.89% [1]. - New Industry (sz300832) with a weight of 4.73% and a latest price of 54.50 yuan, up 2.60% [1]. - AiMeiKe (sz300896) with a weight of 4.49% and a latest price of 147.57 yuan, up 4.56% [1]. - YingKe Medical (sz300677) with a weight of 4.14% and a latest price of 40.55 yuan, up 1.38% [1]. - FuRui Medical (sz300049) with a weight of 3.55% and a latest price of 67.33 yuan, up 1.45% [1]. - HuaDa Gene (sz300676) with a weight of 3.15% and a latest price of 50.30 yuan, up 2.57% [1]. Group 3: Capital Flow - The net inflow of main funds into the ChiNext Medical Index constituents totaled 145 million yuan, while retail investors experienced a net outflow of 106 million yuan [1]. - The detailed capital flow indicates that TaiGe Medical had a main fund net inflow of 10.514 million yuan, while retail investors had a net outflow of 18.28% [2].

Group 1 - The core viewpoint of the news highlights the positive performance of the medical innovation sector, with the CSI Medical and Medical Device Innovation Index showing mixed results among its constituent stocks, led by Aimeike with a 2.18% increase [1] - The Medical Innovation ETF has seen continuous net inflows over the past 12 days, with a peak single-day net inflow of 41.83 million yuan, totaling 234 million yuan, averaging 19.54 million yuan per day [1] - Policy support for the pharmaceutical industry is ongoing, with Shanghai accelerating the implementation of major industrial projects in fields such as integrated circuits, biomedicine, and artificial intelligence [1] Group 2 - The CSI Medical and Medical Device Innovation Index consists of 30 listed companies with good profitability, growth potential, and research innovation capabilities, reflecting the overall performance of profitable and growth-oriented pharmaceutical and medical device companies [2] - As of January 30, 2026, the top ten weighted stocks in the index include WuXi AppTec, Mindray Medical, and Heng Rui Medicine, accounting for 63.9% of the total index weight [2] - The success rate of Phase I clinical trials for dozens of AI-derived pipelines entering trials in 2025 is projected to be as high as 80%-90%, significantly exceeding traditional levels of 40%-65% [1]

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]